The board of governors of the Asian Infrastructure Investment Bank (AIIB) has approved membership applications of four more countries, bringing the organization's total approved membership to 97 states, AIIB's press service said on Monday
BEIJING (Pakistan Point News / Sputnik - 22nd April, 2019) The board of governors of the Asian Infrastructure Investment Bank (AIIB) has approved membership applications of four more countries, bringing the organization's total approved membership to 97 states, AIIB's press service said on Monday.
The new approved members are Cote d'lvoire, Guinea, Tunisia and Uruguay.
"The growth in membership from Africa and Latin America demonstrates the importance that these countries attach to improving infrastructure and connectivity with Asia. It also reflects the commitment of our members to multilateral co-operation and high standards of governance. We look forward to the contribution that these four countries will make to the development of AIIB," AIIB Vice President and Corporate Secretary Danny Alexander was quoted as saying in the press release.
According to the press service, the four countries will officially join AIIB after finishing relevant domestic processes and depositing the first capital installment with the bank.
In March 2017, the AIIB for the first time since the official launch of its work approved 13 new countries for joining the financial institution, bringing the number of participants to 70. Since then, the bank has approved applications for accession from 36 countries.
The Asian Infrastructure Investment Bank started operating in 2016. The bank's work is aimed at improving socioeconomic ties in Asia, with the AIIB providing investment into projects related to infrastructure development, sustainable energy, transportation and environmental protection, among other areas. AIIB's registered capital amounts to $100 billion and the largest shares in its board pf governors belong to China, India and Russia.
